EX-99.1 3 a04-4697_1ex99d1.htm EX-99.1

Exhibit 99.1

 

MARTEN TRANSPORT, LTD. ANNOUNCES

FIRST QUARTER FINANCIAL RESULTS

 

MONDOVI, Wis., April 21, 2004/PR Newswire/ – Marten Transport, Ltd. (Nasdaq/NMS:MRTN) announced today a 95.6% increase in net income for the quarter ended March 31, 2004.

 

For the quarter ended March 31, 2004, operating revenue increased 6.6%, to $84.5 million from $79.3 million for the same quarter of 2003.  Operating revenue included fuel surcharges of $4.0 million for the quarter ended March 31, 2004, compared with $4.2 million for the same quarter of 2003.  Excluding fuel surcharge revenue, the increase in revenue was 7.2%.  We measure revenue, before fuel surcharges, or “freight revenue,” in addition to operating revenue, because we believe removing this sometimes volatile source of revenue affords a more consistent basis for comparing results of operations from period to period.

 

For the quarter ended March 31, 2004, net income increased 95.6%, to $2.7 million from $1.4 million for the same quarter of 2003.  For the quarter ended March 31, 2004, net income per diluted share increased 35.7%, to $0.19 from $0.14 for the same quarter of 2003, on a 46.8% increase in weighted average diluted shares outstanding attributable primarily to our public offering of common stock completed during the 2003 third quarter.  Diluted earnings per share give retroactive effect in all periods to the three-for-two stock splits effected in the form of a 50% stock dividend paid on July 24, 2003, and December 5, 2003.

 

Chairman and President Randolph L. Marten stated, “We were happy with our first quarter operating performance.  We still have room for improvement – but we are more than up for the challenge.  Average freight revenue per tractor per week, our main measure of asset productivity, increased 4.7%, to $2,845 from $2,716 in the first quarter of 2003.  Due to strong efforts by our sales force and cooperation from customers that recognize the value of our service, our average freight revenue per total mile improved for the fourth consecutive quarter, to $1.26 from $1.21 for the first quarter of 2003.  In addition, average miles per tractor increased slightly to 29,016 from 28,819 in the first quarter of 2003 and our non-revenue miles percentage improved to 6.6% from 6.8% in the first quarter of 2003.  Strong freight demand, improved freight selection, and disciplined operations helped us overcome the challenges of a tight driver market, high fuel prices, and an increase in insurance and claims.  As a result, our operating ratio (operating expenses as a percentage of operating revenue) improved to 94.6% from 96.7% for the first quarter of 2003.”

 

We will host a conference call on Thursday, April 22, at 2:00 p.m. Central Time.  The public will be able to listen and participate in the call telephonically by dialing 877-576-2752 and entering the following code: 6819143.  For additional information on accessing the call and for statistical and financial information regarding the Company that is expected to be discussed during the conference call, please visit our website at www.marten.com.

 

Marten Transport, Ltd. is one of the leading temperature-sensitive truckload carriers in the United States.  The Company specializes in transporting food and other consumer packaged

 

 

goods that require a temperature-sensitive or insulated environment.  Marten offers nationwide service, concentrating on expedited movements for high-volume customers.  The Company’s common stock is traded on the Nasdaq National Market under the symbol MRTN.

 

CONTACT:  Randy Marten, President of Marten Transport, Ltd., 715-926-4216.

 

 

MARTEN TRANSPORT, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months
Ended March 31,

 

(In thousands, except per share information)

 

2004

 

2003

 

 

 

 

 

 

 

OPERATING REVENUE

 

$

84,530

 

$

79,321

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES (INCOME):

 

 

 

 

 

Salaries, wages and benefits

 

25,327

 

23,680

 

Purchased transportation

 

17,683

 

17,764

 

Fuel and fuel taxes

 

14,869

 

14,340

 

Supplies and maintenance

 

6,078

 

5,942

 

Depreciation

 

7,863

 

7,289

 

Operating taxes and licenses

 

1,571

 

1,399

 

Insurance and claims

 

4,405

 

3,695

 

Communications and utilities

 

801

 

801

 

Gain on disposition of revenue equipment

 

(528

)

(87

)

Other

 

1,872

 

1,842

 

 

 

 

 

 

 

Total operating expenses

 

79,941

 

76,665

 

 

 

 

 

 

 

OPERATING INCOME

 

4,589

 

2,656

 

 

 

 

 

 

 

OTHER EXPENSES (INCOME):

 

 

 

 

 

Interest expense

 

523

 

780

 

Interest income

 

(341

)

(377

)

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

4,407

 

2,253

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

1,675

 

856

 

 

 

 

 

 

 

NET INCOME

 

$

2,732

 

$

1,397

 

 

 

 

 

 

 

BASIC EARNINGS PER COMMON SHARE(1)

 

$

0.20

 

$

0.15

 

 

 

 

 

 

 

DILUTED EARNINGS PER COMMON SHARE(1)

 

$

0.19

 

$

0.14

 

 

(1)          Basic and diluted earnings per share reflect the Company’s three-for-two stock splits effected in the form of 50% stock dividends paid on July 24, 2003 and December 5, 2003.

 

 

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

 

(In thousands, except share information)

 

March 31,
2004

 

December 31,
2003

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Marketable securities

 

$

11,864

 

$

19,219

 

Receivables:

 

 

 

 

 

Trade, net

 

36,144

 

34,582

 

Other

 

7,963

 

7,337

 

Prepaid expenses and other

 

10,978

 

10,034

 

Deferred income taxes

 

4,046

 

3,048

 

 

 

 

 

 

 

Total current assets

 

70,995

 

74,220

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

Revenue equipment, buildings and land, office equipment, and other

 

273,096

 

263,502

 

Accumulated depreciation

 

(90,780

)

(93,684

)

 

 

 

 

 

 

Net property and equipment

 

182,316

 

169,818

 

 

 

 

 

 

 

Other assets

 

5,918

 

5,557

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

259,229

 

$

249,595

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Checks issued in excess of cash balances

 

$

3,269

 

$

549

 

Accounts payable and accrued liabilities

 

17,131

 

17,062

 

Insurance and claims accruals

 

12,517

 

12,052

 

Current maturities of long-term debt

 

5,000

 

5,000

 

 

 

 

 

 

 

Total current liabilities

 

37,917

 

34,663

 

 

 

 

 

 

 

Long-term debt, less current maturities

 

22,857

 

22,857

 

Deferred income taxes

 

48,714

 

47,541

 

 

 

 

 

 

 

Total liabilities

 

109,488

 

105,061

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding

 

—

 

—

 

Common stock, $.01 par value per share; 23,000,000 shares authorized; 13,999,889 shares, at March 31, 2004, and 13,759,776 shares, at December 31, 2003, issued and outstanding(1)

 

140

 

138

 

Additional paid-in capital

 

66,738

 

64,265

 

Retained earnings

 

82,863

 

80,131

 

 

 

 

 

 

 

Total stockholders’ equity

 

149,741

 

144,534

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

259,229

 

$

249,595

 

 

(1)          Shares outstanding reflect the Company’s three-for-two stock splits effected in the form of 50% stock dividends paid on July 24, 2003 and December 5, 2003.

 

 

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

 

 

 

Three Months Ended
March 31,

 

 

 

2004

 

2003

 

 

 

 

 

 

 

Operating Statistics:

 

 

 

 

 

For period:

 

 

 

 

 

Average operating revenue per total mile

 

$

1.32

 

$

1.28

 

Average freight revenue per total mile(1)

 

$

1.26

 

$

1.21

 

Average miles per tractor(2)

 

29,016

 

28,819

 

Average operating revenue per tractor per week(2)

 

$

2,987

 

$

2,867

 

Average freight revenue per tractor per week(1) (2)

 

$

2,845

 

$

2,716

 

Average miles per trip

 

1,025

 

996

 

Non-revenue miles percentage(3)

 

6.6

%

6.8

%

Total miles – company-employed drivers (in thousands)

 

44,214

 

42,223

 

Total miles – independent contractors (in thousands)

 

19,657

 

19,796

 

 

 

 

 

 

 

At March 31, 2004, and March 31, 2003:

 

 

 

 

 

Total tractors(2)

 

2,181

 

2,116

 

Average age of company tractors (in years)

 

1.7

 

2.0

 

Total trailers

 

2,960

 

2,769

 

Average age of company trailers (in years)

 

3.8

 

4.0

 

Ratio of trailers to tractors(2)

 

1.4

 

1.3

 

Ratio of tractors to non-driver personnel(2)

 

5.3

 

5.6

 

 

 

 

 

 

 

 

 

Three Months Ended
March 31,

 

(In thousands)

 

2004

 

2003

 

Net cash provided by operating activities

 

$

8,762

 

$

10,036

 

Net cash used for investing activities

 

20,194

 

7,621

 

 

(1)          Excludes fuel surcharge revenue.

 

(2)          Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 574 and 596 tractors as of March 31, 2004, and 2003, respectively.

 

(3)          Represents the percentage of miles for which the Company is not compensated.